20th Century Fox, which bought the rights to the classic show, has longtime "Sesame Street" writer Joey Mazzarino working on the film's script, which will be produced by Shawn Levy (the director of "Night at the Museum"), Michael Aguilar, Mark Gordon, and Guymon Casady, CNN reported.

The children's show, which has aired on PBS since 1969, is estimated to have been watched by one in three Americans and has picked up 138 Emmys over its over 40-year run, according to the Reporter.

The show, a mix of live-action, puppetry and animation, starred some of Jim Henson's most memorable characters, including Big Bird, Bert and Ernie, Grover, Oscar the Grouch, Cookie Monster and Elmo, according to the Reporter. It has already been the source of two movies, 1985’s "Follow That Bird" and 1999’s "The Adventures of Elmo in Grouchland," New York Magazine reported.

There is speculation that the project is going forward following the huge success of Henson's 2011 "The Muppets" movie, according to Gawker, which points out that "comparing the Muppets to Sesame Street is like comparing the cool baby sitter who lets you eat candy for second, third, and fourth breakfast to your boring parents who make you get vaccinated so you don't catch Rubella. Both contribute something of value to your early development, but only one of them is perfect fodder for a hilarious movie."

For those who can't get enough of their puppet-driven childhood memories, there is also a "Fraggle Rock" movie in development by New Regency, New York Magazine reported.

"Sesame Street" hasn't always been used for good, however: In 2003, US intelligence services used the show's music to torture detainees at Guantanamo Bay and Abu Ghraib, which was exposed in the documentary "Songs of War," Al Jazeera reported.